II 

118TH CONGRESS 

2D SESSION S. 5249 

To amend the Internal Revenue Code of 1986 to deny certain green energy 

tax benefits to companies connected to certain countries of concern. 

IN THE SENATE OF THE UNITED STATES 

SEPTEMBER 25, 2024 

Mr. RUBIO (for himself, Mrs. CAPITO, Mr. BRAUN, and Mr. SCOTT of Florida) 

introduced the following bill; which was read twice and referred to the 

Committee on Finance 

A BILL 

To amend the Internal Revenue Code of 1986 to deny certain 

green energy tax benefits to companies connected to certain countries of concern. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘No Official Giveaways 

5 Of Taxpayers’ Income to Oppressive Nations Act’’ or the 

6 ‘‘NO GOTION Act’’. 


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•S 5249 IS

1 SEC. 2. DENIAL OF GREEN ENERGY TAX BENEFITS TO COM2 PANIES CONNECTED TO COUNTRIES OF CON3 CERN. 

4 (a) IN GENERAL.—Chapter 77 of the Internal Rev5 enue Code of 1986 is amended by adding at the end the 

6 following new section: 

7 ‘‘SEC. 7531. DENIAL OF GREEN ENERGY TAX BENEFITS TO 

8 COMPANIES CONNECTED TO COUNTRIES OF 

9 CONCERN. 

10 ‘‘(a) IN GENERAL.—In the case of any disqualified 

11 company, this title shall be applied without regard to sec12 tions 30C, 40, 40A, 40B, 45, 45Q, 45U, 45V, 45W, 45X, 

13 45Y, 45Z, 48, 48C, 48E, 179D, 6426(c), 6426(d), 

14 6426(e), and 6427(e). 

15 ‘‘(b) DISQUALIFIED COMPANY.—For purposes of this 

16 section— 

17 ‘‘(1) IN GENERAL.—The term ‘disqualified com18 pany’ means— 

19 ‘‘(A) any entity— 

20 ‘‘(i) controlled by the government of 1 

21 or more countries of concern, or 

22 ‘‘(ii) organized under the laws of a 

23 country of concern, 

24 ‘‘(B) any entity controlled by an entity de25 scribed in subparagraph (A), or 


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•S 5249 IS

1 ‘‘(C) any entity owned by an entity de2 scribed in subparagraph (A), including any en3 tity for which, on any date during the most re4 cent 12-month period, not less than 25 percent 

5 of the equity interests in such entity are held 

6 directly or indirectly by 1 or more entities de7 scribed in subparagraph (A), including 

8 through— 

9 ‘‘(i) interests in co-investment vehi10 cles, joint ventures, or similar arrange11 ments, or 

12 ‘‘(ii) any derivative financial instru13 ment or contractual arrangement between 

14 the entity and an entity described in sub15 paragraph (A), including any such instru16 ment or contract that seeks to replicate 

17 any financial return with respect to such 

18 entity or interest in such entity. 

19 ‘‘(2) COUNTRY OF CONCERN.—The term ‘coun20 try of concern’ means— 

21 ‘‘(A) the People’s Republic of China, 

22 ‘‘(B) the Russia Federation, 

23 ‘‘(C) the Islamic Republic of Iran, 

24 ‘‘(D) the Democratic People’s Republic of 

25 Korea, 


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•S 5249 IS

1 ‘‘(E) the Republic of Cuba, 

2 ‘‘(F) the Boliverian Republic of Venezuela 

3 during any period of time during which Nich4 olas Maduro is President of the Republic, or 

5 ‘‘(G) the Syrian Arab Republic. 

6 ‘‘(3) CONTROL.—The term ‘control’ has the 

7 meaning given such term under section 954(d)(3), 

8 determined by treating the rules of section 958(a)(2) 

9 as applying to both foreign and domestic corpora10 tions, partnerships, trusts, and estates.’’. 

11 (b) CLERICAL AMENDMENT.—The table of sections 

12 for chapter 77 of such Code is amended by adding at the 

13 end the following new item: 

‘‘Sec. 7531. Denial of green energy tax benefits to companies connected to 

countries of concern.’’. 

14 (c) EFFECTIVE DATE.—The amendments made by 

15 this section shall apply to taxable years beginning after 

16 the date of the enactment of this Act. 

Æ 


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